What A Trump Or Harris Presidency Means For Your Small Business?

As the 2024 Presidential Election draws closer, many changes will come in the months ahead depending on which candidate wins the race this November. Following President Biden’s withdrawal from the race, the DNC elected VP Kamala Harris as Donald Trump’s opponent in November. While the policies of Trump, who has previously served as the President, may be a bit more foreseeable, the U.S. has yet to experience a Harris presidency. This article explores how a Trump presidency may differ from a Harris presidency as it relates to small business. 

A Trump Presidency for Small Businesses



Neither Trump’s campaign nor the RNC’s policy platform includes small business support programs. However, Project 2025, an initiative pushed by Republican conservatives to guide their next presidential administration, addresses small business support in government contracts. Specifically, Project 2025’s contributors push for a shift in the U.S. SBA’s operations away from its focus on historically disadvantaged businesses and toward a scheme where all businesses should qualify for support on a first-come, first-served basis. While such a scheme would prove detrimental for many small businesses, it would not be surprising since, during his previous administration, Trump attempted to defund the Minority Business Development Agency entirely. Aside from small business contracting opportunities, Trump’s platform emphasizes industry deregulation, which small businesses could benefit from. Deregulation could mean a reversal of labor regulations implemented under President Biden’s administration. For instance, some of the regulations promulgated by the Department of Labor, the Federal Trade Commission, and the National Labor Relations Board which have faced many challenges already, may be reversed or suspended under a Trump Presidency. 

A Harris Presidency for Small Businesses

Unlike the RNC’s platform, the DNC’s draft platform, which it released in July 2024, addresses plans to support small business contracting and expansion opportunities. The platform claims that the democratic administration is “expanding access to capital, business opportunities, and training to help those small businesses; while working for a fairer tax code, to level the playing field for small entrepreneurs who have to compete against corporate giants,” including providing funds aimed at state level small business programs. Under the Biden-Harris administration, the Minority Business Development Agency is now a permanent part of the Commerce Department. While the draft platform was crafted with President Biden in mind as the 2024 DNC candidate, it is likely that Harris’ stance on these issues will not change or deviate too far from it. This is evident since as VP, Harris established the Economic Opportunity Coalition to help small businesses access financing for capital and growth. On taxes, if Harris follows in Biden’s footsteps, corporate taxes will likely increase while the administration further pursues regulatory oversight—which could bode well for small businesses especially given the wrench that the Supreme Court’s overturn of Chevron deference has thrown in the regulatory works.

Conclusion

Whoever wins the 2024 Presidential election, the impact will be felt by small businesses. These insights should help small businesses anticipate and better prepare for the future. We’d love to talk with you further about business planning in general!  Feel free to schedule an appointment.